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Hi, I've attached a document with a tax problem. Thank you. COMPREHENSIVE PROBLEM 5 With Emphasis on Schedule D Matthew Flaws is a single taxpayer

Hi, I've attached a document with a tax problem. Thank you.

image text in transcribed COMPREHENSIVE PROBLEM 5 With Emphasis on Schedule D Matthew Flaws is a single taxpayer and lives at 5670 Sierra Drive, Honolulu, HI 96822. He has income from a job as a marketing representative, interest income, dividend income, and stock investments. Some of his investments are in a mutual fund. His social security number is 412345670. Page B-6 For the tax year 2015, Matthew had the following income information: Wages $115,000 Social security tax withholding 7,130 Medicare tax withholding 1,668 Federal income tax withholding 17,350 State income tax withholding 3,300 Matthew had the following investment income: Foundation Bank 1099-INT $ 900 Great Return Mutual Fund 1099-INT 400 Great Return Mutual Fund 1099-DIV 600 (ordinary dividends) Great Return Mutual Fund 1099-DIV CGD 2,761 (capital gain distribution) Matthew had the following investment sales: A 1099B from Great Return Mutual Fund for the sale of 100 shares of the fund. Matthew had purchased 50 shares on September 21, 2014, for $650; 50 shares on October 1, 2014, for $500; and 50 shares on November 30, 2014, for $800. He sold 100 shares on June 13, 2015, for $700. Matthew uses the average cost method to calculate the cost basis of his fund shares. A 1099B from XYZ Brokerage Company for $3,000 gross proceeds from the October 21, 2015, sale of 50 shares of Liquid Rhino Marketing. The shares were originally purchased on October 22, 2014, for $2,500. A 1099B from ABC Brokerage Company for $2,100 gross proceeds from the November 2, 2015, sale of 60 shares of Crestwood Company. Matthew originally inherited the shares from his grandfather on February 18, 2015. The shares had an FMV of $2,500 on his grandfather's date of death. His grandfather originally purchased the shares for $400 in 1990. Other information: Matthew had a capital loss carryover from 2014; $199 shortterm. Matthew had the following itemized deductions: Medical insurance premiums $ 5,000 Real estate taxes Home mortgage interest (Form 1098) Cash charitable contributions Tax preparation fee 6,210 17,560 1,800 200 Matthew does not want to contribute to the presidential election campaign and does not want anyone to be a thirdparty designee. Matthew had qualifying health care coverage at all times during the tax year. Required: Complete the 2015 tax return for Matthew Flaws. For any missing information, make reasonable assumptions

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